According to The Australian Financial Review today, housing and hotel construction, along with urban renewal projects, have pushed the value of projects planned in central Sydney to a record $7.4 billion.
The combined value of detailed applications seeking approval and plans seeking concept approval jumped 64 per cent in the year to September from $4.5 billion a year earlier, City of Sydney figures show.
About half the new development applications were for significant central business district projects throughout the city centre. Others were concentrated in urban renewal areas such Green Square, Rosebery, Harold Park and Erskineville.
The supply of apartments in inner Sydney rose to a 15-year high in the 12 months to June, but the high level will not be sustained as the number of available sites dries up, consultancy BIS Shrapnel says. The apartment boom is also spreading across the metropolitan area, with suburbs doing the heavy lifting when it comes to new approvals.
"It's a huge vote of confidence in the governance, management and facilities provided by the City of Sydney, as well as the transformative effect of the light rail project being undertaken by the NSW government," lord mayor Clover Moore said of the figures.
"I'm very pleased the Transport Minister has recognised a light rail line to Green Square is needed and I hope the NSW government will also recognise the need to provide other infrastructure, including schools and health facilities."